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6 Feb 2008 07:01

Manpower Software PLC06 February 2008 MANPOWER SOFTWARE PLC UNAUDITED INTERIM FOR THE SIX MONTHS ENDED 30 NOVEMBER 2007 Company 2814942 Registrars Capita IRG plcregistration Bourne Housenumber: 34 Beckenham Road Beckenham Kent BR3 4TU Registered office: The Communications Building Solicitors: Taylor Wessing 48 Leicester Square Carmelite London 50 Victoria Embankment WC2H 7LU Blackfriars London EC4Y 0DX Directors: I J Bowles Auditors: Grant Thornton UK LLP J I Lang Registered Auditors M J S Loveland Chartered Accountants R J Morgan-Evans Grant Thornton House T H Osborne Melton Street A R D Pringle Euston Square S C Thorne London NW1 2EP Secretary: S C Thorne Website: www.manpowersoftware.com Bankers: HSBC Bank plc 65 Packhorse Road Gerrards Cross Buckinghamshire SL9 8PH Financial adviser: Numis Securities Limited 10 Paternoster Square London EC4M 7LT Broker: Numis Securities Limited 10 Paternoster Square London EC4M 7LT INDEX PAGE Chairman's statement 3 Operational review 7 Independent review report 11 Condensed consolidated income statement 13 Condensed consolidated balance sheet 14 Condensed consolidated statement of changes in equity 15 Condensed consolidated cash flow statement 16 Notes to the financial statements 17 Introduction Manpower Software plc, the leading provider of workforce management solutions,today announces its interim results for the six months ended 30 November 2007. I am pleased to report the continued progress of the company towards achievingits objective of becoming a world class software company. The strategy, whichthe company adopted two years ago, continues to deliver in line withexpectations. Results Revenue in the first half of the financial year advanced 31% to £5.3m (2006:£4.05m), resulting in a net trading profit of £0.6m (2006: £0.55m). Licencerevenue grew 17% in comparison to the first half of 2006/7, while Servicesrevenue grew by 48%. By sector, Healthcare revenue increased 171%, reflectingthe company's rapid expansion within the NHS and its position as the supplier ofchoice for nurse rostering products. Maritime revenues also increased by ahealthy 47%. Defence revenues were 42% less than the prior period whichincluded the sale to the Royal Australian Navy. Excluding this, like for likeDefence revenues show a 3% increase. Cost of sales increased from £2.7m to £3.7m as the company developed itsservices business and we continued to add to our existing sales capability.General and Administrative ("G&A") costs increased from £0.77m to £1.0m,primarily reflecting the strengthening of the Company's management structure andappointment of our new CEO. Net operating margin was 11% (2006: 14%) reflecting the greater weighting ofServices revenues in the period and the increase in G&A costs. Cash at the period-end increased to £2.66m. Significant Activity The following significant activity occurred during the period. • Healthcare. We added a further twelve NHS Trusts to our customer base, making a total at the period-end of 27, in addition to the contract with the independent healthcare provider, HCA International. We also maintained our competitive position and developed a strong pipeline for the second half. • Defence. We received significant new contracts to extend the use of MAPS in the British Army's HQ Land Command and The Royal Fleet Auxiliary. In addition, NATO Supreme Headquarters Allied Powers Europe (SHAPE) invested in MAPS Defence Suite to address a new requirement for the NATO Special Forces Coordination Centre (NSCC), the focal point for NATO Special Operations. This is the third deployment of MAPS into NATO • Maritime. The Company secured its first French customer when CMA CGM, the largest French shipping company, purchased MAPS Maritime Suite. AP Moller-Maersk extended its existing contract and purchased additional licences. • Service and Support. Revenues grew 48%, driven both by deliveries to new customers and by growth in the installed base in the three principal vertical markets. International Financial Reporting Standards ("IFRS") The company has prepared these interim results in accordance with therecognition and measurement principles of IFRS in issue and as adopted by theEuropean Union. The adoption of IFRS does not result in any material changes tothe Group's accounting practices, although the policy framework under IFRS haschanged. There are no adjustments to the income statement as a consequence ofthe first time adoption of IFRS, and there are no material differences betweenthe cash flow statement presented under IFRS and the cash flow statementpresented under UK GAAP. The charge for share-based payments is shownseparately on the face of the income statement, as previously. It is anaccounting adjustment, which has no impact on the company's trading position. Strategy The management team continues to focus on the four core structural elements of asuccessful software business, as set out in the 2006/7 annual report.Achievement of these should enable us to optimise growth and financial returnsto shareholders over the long term. • Linearity of licence revenues through consecutive periods. Revenue growth is driven principally by the sale of new licences. Linear growth is therefore at the heart of management's objectives and the company's determination to drive shareholder value. First half licence revenues increased versus both the previous first half and, importantly, the second half of 2006/7, while a strong forward pipeline exists for the second half of 2007/8. • Appropriate margins in service and support. Management continues to focus on client delivery, support and customer satisfaction. There was high growth in Services revenue while profitability was maintained at the best industry standards. • Investment. The company continues to target financial returns commensurate with the best software companies worldwide. We continue to invest in our people, the product, services and support, as well as new markets. This focus on improving productivity at all levels continues to underpin the long term development of the company. We use appropriate incentive structures, rigorous quarterly targets and demanding criteria for all investment, thereby driving revenue growth and optimising operating margins and free cash flow. While the Company is growing and actively investing in new products and markets, we continue to be profitable across all parts of the business. • Strict financial management. We continue to measure and monitor carefully all financial ratios, maintaining a strict emphasis on achieving agreed operating plans. Outlook The Directors note that, in the first half of this financial year, there hasbeen strong performance across all sectors of the business with a strongpipeline entering the second half. As a result, the Directors are confident ofmeeting current market expectations for the year. Finally, I would like to thank and recognise all Manpower Software's people fortheir total commitment to the Company's continuing success. Terry OsborneCHAIRMAN6 February 2008 Operational Review Healthcare Healthcare is now our fastest growing market sector. MAPS Healthrostercontinues to be the leading product within the NHS for rostering systems.During the period we signed contracts with twelve new NHS trusts, making a totalof twenty-seven contracts with NHS trusts at the period-end, and we increasedthe number of NHS wards where MAPS Healthroster is live to over 300. MAPSHealthroster has developed a reputation within the NHS for delivering effectivestaff rostering, which benefits staff and patients while delivering significantcost savings to hospital management. In addition to the twenty-seven contracted acute and mental health trusts, weare now also working with primary care trusts. This considerably expands ourmarket for rostering software within the NHS. Defence We continue to sell software and services to our existing customer base, whilelooking to expand the deployment of the core MAPS Defence Suite into otherDefence customers in the UK and overseas. HQ Land Command of the British Army are using MAPS to manage their OperationalCommitments over time, and to review and compare those commitments with theirsupporting Training events. The consequent end-user training demand for MAPS isnow so great that a second full-time trainer has been appointed under contractfrom MSW, with capacity for over 300 military personnel to be trained everymonth. The Royal Fleet Auxiliary (RFA), our longest standing Defence customer,recognised that MAPS has become the most business-critical application insupport of their on-going operations. As a result they are in the process of amajor and full scale migration up to the latest version of the MAPS DefenceSuite, to manage effectively all of their 17 ships and the associated manpowerplanning and deployment requirements. NATO's operational military headquarters, Supreme Headquarters Allied PowersEurope ("SHAPE"), based in Mons, Belgium, has contracted MSW to supply anintegrated software solution to help manage its Special Operations Force (SOF)requirements. Maritime During the period, A. P. Moller-Maersk, the world's largest shipping company,extended its existing contract and invested in additional licences of MAPSMaritime Suite, taking their user population to more than 300 active usersworldwide. CMA-CGM, the world's third largest shipping company headquartered in France,purchased MAPS Maritime Suite and will use it as a complete crew planning andscheduling system. This emphasises the suitability of MAPS for the shippingindustry generally. Building on the successful deployments of MAPS MaritimeSuite at A. P. Moller-Maersk, Acergy and CMA CGM, we will focus our efforts fornew licence sales in the off-shore and shipping market sector over the comingmonths. Client Services Client Services has continued to grow revenues rapidly and improve profitabilityin line with management targets. Quality projects continue to be delivered toclients, providing tangible operational benefits and maintaining high levels ofcustomer satisfaction. Our use of partners to complement our own servicescapabilities in the UK (Healthcare) and Asia Pacific (Defence) has worked welland will continue to be a cornerstone of our services delivery strategy goingforward. There is a strong services pipeline across all sectors from both ourexisting client base wishing to expand the use of the MAPS software within theiroperations and from new clients undertaking first time implementations. Research and Development Products continue to be developed both on the core MAPS platform and, whereappropriate, in web-based technologies. In Healthcare, a new version of theMAPS Healthroster suite was released, which enhanced the functionality of theBank (temporary staffing) module and added support for rolling rosters to enableNHS staff groups on fixed shift patterns to be rostered within the system. Theweb-based management dashboard, which enables NHS Trust executives to monitorthe effectiveness of ward rostering, was also released. In Maritime,enhancements to the standard MAPS maritime platform (version 5.5) were released,alongside a new standard configuration, MAPS Maritime Suite, for use inoff-shore and shipping. Our defence product offering, MAPS Defence Suite, wasenhanced with a modelling capability and the introduction of the capability tointeract between MAPS systems on differing security-classified domains. Partnerships In addition to the management focus on the four disciplines of a successfulsoftware company, we are increasing our focus on developing key partnershipswith organisations which can help us achieve our objective of becoming theforemost supplier of workforce optimisation applications to our chosen markets.Presently, we have partnership agreements with ST Electronics (Info-SoftwareSystems) Pte. Ltd in Singapore and Alphawest Services Pty Limited (part ofOptus, Australia's second largest Telco) in Australia. These and otherpartnerships will help to expand the breadth and depth of our capability in ourvertical markets, as well as expanding our geographical reach. Outlook Our strategy is to become the leading provider of workforce management solutionswithin our chosen markets and a world class software company. The elements ofstrategic vision, customer satisfaction, an integrated solution, multiple growthdrivers and a committed management team are in place across the business. Thefoundations for profitable growth, to which we have referred in previousstatements, are firmly in place and enabling encouraging progress. We have adirect sales organisation and a services business capable of fulfilling theincreasing demands of our target markets. There is a strong sales pipeline andthe capability to deliver profitable services growth. We are also activelyseeking new partnerships to assist with sales and delivery in our markets. In Defence, we have opportunities to supply further products and supportservices to the UK Armed Forces and to government authorities in Asia Pacific.The latest version of MAPS Defence Suite has been enthusiastically received byother organisations which have viewed it. We are seeking to generate furtherinterest from other European, Commonwealth and NATO nations, partly driven bythe extension of MAPS into member nations by NATO itself. In Healthcare, there is an increasing focus throughout the NHS on improvingproductivity by controlling staff and agency spend and on improving patientcare. The quality of our product offering and strong competitive position,together with our investment in sales capability should enable substantialfurther sales of MAPS Healthroster to other NHS Trusts. While we continue tofocus our efforts on the UK NHS, we will seek opportunities to expand our marketfor MAPS Healthroster overseas. In Cruise and Maritime, we have opportunities to sell additional licences andservices for MAPS Maritime Suite to our established customers, as well as themid-range cruise fleets and in the broader shipping and off shore markets. In Services, there is now a strong pipeline of work to be delivered whichstretches into next financial year. Although we have reported previously that the Company is highly dependent on asmall number of large contracts in markets where the sales cycles are often longand complex, the cumulative effect of the sales of MAPS Healthroster to the NHSTrusts and our growing base of services and support is having a smoothingeffect, providing more predictable and reliable revenue and profit growth. Overall, there has been strong performance in the first half of the year acrossall sectors of the business and we have a strong pipeline entering the secondhalf. As a result, the Directors are confident of meeting current marketexpectations for the year. Ian BowlesCHIEF EXECUTIVE OFFICER6 February 2008 INDEPENDENT REVIEW report to MANPOWER SOFTWARE PLC INTRODUCTION We have been engaged by the company to review the condensed set of financialstatements in the half-yearly financial report for the six months ended 30November 2007, which comprises the condensed consolidated income statement,condensed consolidated balance sheet, condensed consolidated statement ofchanges in equity and condensed consolidated cash flow statement. We have readthe other information contained in the interim report which comprises only theChairman's statement and considered whether it contains any apparentmisstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with guidance containedin ISRE (UK and Ireland) 2410, "Review of Interim Financial Informationperformed by the Independent Auditor of the Entity". Our review work has beenundertaken so that we might state to the company those matters we are requiredto state to them in a review report and for no other purpose. To the fullestextent permitted by law, we do not accept or assume responsibility to anyoneother than the company, for our review work, for this report, or for theconclusion we have formed. DIRECTORS' RESPONSIBILITIES The half-yearly financial report is the responsibility of, and has been approvedby, the directors. The AIM rules of the London Stock Exchange require that theaccounting polices and presentation applied to the interim figures areconsistent with those which will be adopted in the annual accounts having regardto the accounting standards applicable for such accounts. As disclosed in Note 1, the annual financial statements of the group areprepared in accordance with the basis of preparation. OUR RESPONSIBILITY Our responsibility is to express to the Company a conclusion on the condensedset of financial statements in the half-yearly financial report based on ourreview. SCOPE OF REVIEW We conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410, Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity issued by the AuditingPractices Board for use in the United Kingdom. A review of interim financialinformation consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing (UK and Ireland) andconsequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly,we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believethat the financial information in the half-yearly financial report for the sixmonths ended 30 November 2007 is not prepared, in all material respects, inaccordance with the basis of accounting described in Note 1. GRANT THORNTON UK LLPAUDITORLondon6 February 2008 6 months to 6 months to Year to 30 November 30 November 31 May 2007 2006 2007 £'000 £'000 £'000 Note Revenue 5,325 4,053 8,306 Selling and operational expenses (3,743) (2,728) (5,680) --------- -------- --------Gross profit 1,582 1,325 2,626 --------------------------------------------------------------------------------------------------------Administrative expenses (967) (731) (1,556) --------- -------- -------- Profit before share-based payment, interest and tax 615 594 1,070 Share-based payment (56) (38) (75)-------------------------------------------------------------------------------------------------------- Total administrative expenses including share-basedpayments (1,023) (769) (1,631) --------- -------- -------- Operating profit 559 556 995 Finance charge - (4) (4)Finance income 53 2 19 --------- -------- --------Net interest 53 (2) 15 --------- -------- -------- Profit for the period before taxation 612 554 1,010 Tax on profit for the period 3 - - --------- -------- --------Profit for the period 615 554 1,010 ========= ======== ======== Earnings per share 5Basic (pence per share) 1.38p 1.25p 2.27pDiluted (pence per share) 1.29p 1.24p 2.20p --------- -------- -------- 30 November 30 November 31 May 2007 2006 2007 £'000 £'000 £'000 Non-current assetsProperty, plant and equipment 176 123 153Trade and other receivables - - 102 --------- -------- --------Total non-current assets 176 123 255 Current assetsTrade and other receivables 2,290 2,944 1,738Cash and cash equivalents 2,661 277 2,410 --------- -------- --------Total current assets 4,951 3,221 4,148 --------- -------- --------Total assets 5,127 3,344 4,301 ========= ======== ======== Equity and liabilitiesEquityShare capital 2,234 2,223 2,227Share premium account 6,492 6,456 6,465Share-based payment reserve 266 173 210Retained earnings (6,188) (7,326) (6,808) --------- -------- --------Total equity 2,804 1,526 2,094 Current liabilitiesTrade and other payables 2,323 1,818 2,207 --------- -------- --------Total current liabilities 2,323 1,818 2,207 --------- -------- --------Total equity and liabilities 5,127 3,344 4,301 ========= ======== ======== The financial statements were approved by the Board of Directors on 5 February2008. I J Bowles - Director S C Thorne - Director Share capital Share premium Share Retained earnings Total equity based payment reserve £'000 £'000 £'000 £'000 £'000 At 1 June 2006 2,223 6,456 135 (7,893) 921 Exchange differences on opening reserves 13 13 --------- --------- --------- --------- --------- Net income recognised directly in equity 13 13Result for the period 554 554 --------- --------- --------- --------- --------- Total recognised income and expense 567 567 Equity settled share options 38 38 --------- --------- --------- --------- --------- At 30 November 2006 2,223 6,456 173 (7,326) 1,526 Exchange differences on opening reserves 62 62 --------- --------- --------- --------- --------- Net income recognised directly in equity 62 62Result for the period 456 456 --------- --------- --------- --------- --------- Total recognised income and expense 518 518 Issue of shares 4 9 13Associated costs - -Equity settled share options 37 37 --------- --------- --------- --------- --------- At 31 May 2007 2,227 6,465 210 (6,808) 2,094 Exchange differences on opening reserves 5 5 --------- --------- --------- --------- --------- Net income recognised directly in equity 5 5 --------- --------- --------- --------- --------- Result for the period 615 615 --------- --------- --------- --------- --------- Total recognised income and expense 620 620 Issue of shares 7 27 34Associated costs - -Equity settled share options 56 56 --------- --------- --------- --------- --------- At 30 November 2007 2,234 6,492 266 (6,188) 2,804 ========= ========= ========= ========= ========= 6 months to 6 months to Year to 30 November 30 November 31 May 2007 2006 2007 £'000 £'000 £'000 Cash flow from operating activitiesProfit for the period 615 554 1,010Adjustments for:Finance charges (53) 2 (14)Income tax charge / (credit) (3) - -Depreciation 47 38 82Share option charges 56 38 75Decrease / (increase) in trade and other receivables (549) (725) 481(Decrease) / increase in trade and other payables 130 105 465 --------- --------- --------- Net cash (used in) / generated from operations 243 12 2,099 Finance charges - (4) (4)Income tax (paid) / refunded - - - --------- --------- ---------Net cash (used in) / generated by operating activities 243 8 2,095 Cash flows from investing activitiesInterest received 53 2 18Payments for property, plant and equipment (69) (73) (149) --------- --------- --------- Net cash (used in) / generated by investing activities (16) (71) (131) Cash flows from financing activities Proceeds from the issue of equity shares 34 - 13Issue costs - - - --------- --------- --------- Net cash (used in) / generated by financing activities 34 - 13 Net increase in cash and cash equivalents 261 (63) 1,977Foreign exchange differences (9) (15) 77Cash and cash equivalents at the start of the period 2,409 355 355 --------- --------- --------- Cash and cash equivalents at the end of the period 2,661 277 2,409 ========= ========= ========= 1. Basis of preparation These unaudited consolidated interim financial statements have been prepared inrespect of the six month period ended 30 June 2007. They have been prepared inaccordance with the accounting policies set out below, which are based on therecognition and measurement principles of International Financial ReportingStandards (IFRS) in issue as adopted by the European Union (EU) and effective at31 May 2008, or expected to be adopted and effective at 31 May 2008, thecompany's first reporting date at which it is required to use IFRS accountingstandards adopted by the EU. The interim financial information does not includeall of the information required for full annual financial statements. From 1 June 2006 the group has adopted IFRS in the preparation of itsconsolidated financial statements. Comparative financial information previouslypublished under UK Generally Accepted Accounting Principles (UK GAAP) has beenrestated on an IFRS basis for the opening balance sheet as at 1 June 2006,interim accounts as at 30 November 2006 and for the year ended 31 May 2007. Thechange in the group's reported performance and financial position on adoptingIFRS is fully disclosed in these interim consolidated financial statements. The interim financial statements have not been audited, nor have they beenreviewed under ISRE 24/10 of the Auditing Practices Board. The financialinformation set out herein does not constitute statutory accounts as defined inSection 240 of the Companies Act 1985. The group's statutory financialstatements for the year ended 31 May 2007 prepared under UK GAAP have been filedwith the Registrar of Companies. The auditor's report on those financialstatements was unqualified and did not contain a statement under Sections 237(2)or 237(3) of the Companies Act 1985. 2. First time adoption The opening IFRS balance sheet as at the date of transition on 1 June 2006 hasbeen prepared in accordance with the measurement and recognition rules of IFRS. It should be noted that: • The adoption of IFRS does not result in any material changes to the Group's accounting practices although the policy framework under IFRS has changed. • There are no adjustments to the balance sheet or income statement as a consequence of the first time adoption of the IFRS other than purely presentational changes. • There are no other material differences between the cash flow statement presented under IFRS and the cash flow statement presented under UK GAAP, other than to reclassify certain cash movements between categories of cash flows. 3. Accounting policies Revenue recognition Revenue is the fair value of the total amount receivable by the group forsupplies of products and services which are provided in the normal course ofbusiness. VAT or similar local taxes and trade discounts are excluded. The group licenses software under non-cancellable licence agreements andprovides services which include installation, consulting, training and productsupport. Licence fee revenues are generally recognised when a non-cancellablelicence agreement has been signed, there are no uncertainties surroundingproduct acceptance, there are no significant vendor obligations, the fees arefixed and determinable and collection is considered probable. Where licencefees are attributable to contracts extending over more than one period, revenueis taken based upon the stage of completion when the outcome of the contract canbe foreseen with reasonable certainty and after allowing for costs tocompletion. Where appropriate, the group allocates a portion of contracted fees topost-contract activities covered under the contract, which may includeinstallation assistance, training services and first year maintenance. Revenues for training or consulting services are recognised as the services areperformed. Revenues from support agreements are recognised rateably over thesupport period. Intangible assets An internally generated intangible asset arising from the development ofsoftware is recognised only if all of the following conditions are met: • it is probable that the asset will create future economic benefits; • the development costs can be measured reliably; • the technical feasibility of completing the intangible asset can be demonstrated; • there is the intention to complete the asset and use or sell it; • there is the ability to use or sell the asset; and • adequate technical, financial and other resources to complete the development and to use or sell the asset are available. Intangible assets are amortised over their estimated useful lives, which isbetween 3-6 years. Where no intangible asset can be recognised, developmentexpenditure is charged to the income statement in the period in which it isincurred. Research expenditure is recognised as an expense in the period inwhich it is incurred. Subsequent to initial recognition, intangible assets are reported at cost lessaccumulated amortisation and accumulated impairment losses. Segmental reporting A business segment is a group of assets and operations engaged in productionthat is subject to risks and returns that are different from those of otherbusiness segments. A geographical segment is also a group of assets andoperations engaged in production but in a particular economic environment thatis different from those of other economic environments. The group's primary reporting analysis is by business stream. The group'sprincipal activities are: a) the provision of software under a licence agreement; and b) the provision of services such as installation, consulting, training and product support. The group's secondary reporting analysis is geographical. As the activities ofthe group are predominantly all within the UK, the directors do not provideadditional analysis. 4. Segmental analysis The group's primary reporting analysis is by business stream based on products,as follows: Revenue 30 November 30 November 31 May 2007 2006 2007 £'000 £'000 £'000Licences 2,476 2,123 3,787Services 2,849 1,930 4,519 --------- -------- -------- --------- -------- -------- 5,325 4,053 8,306 ========= ======== ======== Under IAS 14 there is a requirement to show operating profit for the primarysegmental analysis on the basis of the business stream as above. However, thedirectors are unable to allocate costs on a reasonable basis to the segments.As a result the segmental analysis is limited to the group revenue. In addition to the requirements of IAS 14 the directors present a schedule ofrevenue analysed by vertical business sector: Revenue 30 November 30 November 31 May 2007 2006 2007 £'000 £'000 £'000Defence 1,296 2,229 3,861Healthcare 2,934 1,081 2,454Maritime 1,095 743 1,991 --------- -------- -------- --------- -------- -------- 5,325 4,053 8,306 ========= ======== ======== 5. Earnings per share 30 November 30 November 31 May 2007 2006 2007 £'000 £'000 £'000 Profit/(loss) for the year 615 554 1,010 ========= ======== ========Earnings/(loss) per shareBasic (pence per share) 1.38p 1.25p 2.27pDiluted (pence per share) 1.29p 1.24p 2.20p Weighted average number of shares Number Number Number of shares of shares of shares Shares in issue at opening 44,539,813 44,463,086 44,463,086Shares issued during the period 144,812 - 76,727 --------- -------- --------Shares at closing 44,684,625 44,463,086 44,539,813 Weighted average shares for basic earnings per share 44,547,831 44,463,086 44,539,813Effect of dilutive potential ordinary shares 2,963,195 290,592 1,304,372 --------- -------- --------Weighted average shares for diluted earnings per share 47,511,026 44,753,678 45,844,185 ========= ======== ======== This information is provided by RNS The company news service from the London Stock Exchange